SAN FRANCISCO – THE WUA DIGITAL SALES SCAN™ ON HOME INSURANCE
Whether it’s buying a smart speaker or ordering a pizza, these days people jump online whenever they need anything. Same thing goes for home insurance, which is why it’s never been as important as now for home insurance companies to provide a quality online experience for customers. Especially considering the multiple steps that come with signing up for home insurance, it’s vital that customers are able to maneuver through the entire process with ease and clarity. In our latest digital customer experience benchmark study, WUA wanted to discover which home insurance company in the US is providing customers with the finest online experience. The winner? StateFarm.com.
This study featured 300 unmoderated respondents on their personal computers. Starting on a blank web page, they were asked to complete the following task:
“Imagine you are buying a new house and you would like to get home insurance, or that you’d like to switch home insurance for your current home. Please go online and search for a home insurance policy that suits your needs. Please take all the steps towards applying for home insurance online, however don’t actually apply.”
Respondents had the freedom to search for home insurance online using any method they wanted. To complete the task, they had to discover at least 4 different websites offering home insurance. As these potential customers searched online, gained first impressions and took a further, WUA asked for consumer feedback on each website’s look and feel, brand, and product offer.
Based on the quantitative feedback of the respondents on the various customer experience themes, StateFarm.com emerged as the winner, finishing with an overall Digital Sales Score of 70. Rounding up the top of the list was Allstate.com and GEICO.com, the company that was ranked first in our previous digital benchmark study on the online car insurance market. Overall, respondents in this study found and evaluated more than 150 websites, but only 10 of those were found and scored high enough to make it in the following Digital Sales Score Ranking. The ranking provides an overall score based on the findability, digital experience, and final preference of consumers.
Digital Sales ScoreStudy: Home InsuranceMeasurement: February 2018Country: United States
- 1 StateFarm.com 70
- 2 Allstate.com 66
- 3 GEICO.com 65
- 4 Progressive.com 65
- 5 Farmers.com 60
- 6 LibertyMutual.com 57
- 7 Nationwide.com 53
- 8 USAA.com 51
- 9 Travelers.com 47
- 10 Esurance.com 42
- At the base of each Digital Sales Scan® lies the Digital Sales Model. With this model, the details of the orientation process are mapped. Eventually the performance of a website is reflected in a single, overall score: the Digital Sales Score.
The February 2018 study provides fascinating insight into what digital excellence looks like within the US online home insurance market. Unlike the results of the study on the online car insurance market, in which GEICO.com narrowly edged out Progressive.com by a single point, in this study, StateFarm.com emerged as the clear winner. A major reason why StateFarm.com achieved a high ranking is due to the strong scores they received in findability and conversion, but before we get into that, let us explain what we mean by this.
Conversion = # of respondents who preferred the site divided by # of respondents who found site. Found = % of respondents who made it to this site. Preference = % of respondents who choose each site.
In terms of findability, 63% of respondents found StateFarm.com, with 19% of total respondents ranking the site as their preferred choice. Allstate.com and GEICO.com were both found by 57% of respondents, but Allstate.com is preferred by 13% of those respondents compared to GEICO.com’s 12%. As for Progressive.com, they were found by 56% of respondents and were preferred by 10% of those respondents. The rest of the websites included in our study were not able to achieve a conversion rate better than 8%. Now let’s take a look at how the respondents actually thought of the websites.
When consumers look at a website, they usually form a first impression based on what we call the customer experience themes of Look & Feel, Product Offer, and Brand. They then decide to either continue on the website to take a further look, or give up and visit another website.
- Besides being the most findable website, StateFarm.com was also given the highest ranking from respondents for Look & Feel during both the first impression stage and the further look stage.
- Finishing just behind Statefarm.com with a score of 84 for Look & Feel was Progressive.com and Esurance.com, the online-only insurance company.
- USAA.com finished best for Product Offer and Brand. The insurance company does offer generous deals for home insurance policies, but to be eligible for insurance from USAA, you must be an active or retired member of the US military. This also helps to explain why the company was found by just 9% of respondents.
- While Nationwide.com finished 7th in the Digital Sales Scan, they were ranked 3rd best when it came to how respondents perceived their brand, finishing with a score of 81. They also finished tied for 2nd for their ability to get respondents to continue looking through the website after their first impression.
Aim of this study: Digital Excellence
The aim of this study was to gain detailed insight into the digital experience consumers have when they search for home insurance. We also want to know who they choose to get coverage from, and most importantly, why. Using the validated Digital Sales Model that has allowed us to analyze more than 18,000 websites for the past eight years with, we are able to map out exactly what it is that consumers want, what the best practices are, and what the areas of improvement are for each provider’s website. Along with the results of our study, we also provide overview in the home insurance update document to help companies optimize their online performance.
The following websites were assessed by consumers in the study:
All websites listed have analytics and insights in the update report. Not all websites were assessed by statistically significant proportion of the respondents and thus could not be included in the ranking. For those interested, WUA can ask additional consumers to evaluate your website to be included in the benchmark. If interested, please contact us.
The Digital Sale Scan Report: Drive Conversion on Your Site
Based on the results of this study, WUA’s in-house digital experts can create a full Digital Sales Scan report for each provider with custom-made conclusions and concrete recommendations to drive conversion on your site.
The report reveals problem areas and areas for improvement on all topics based on the Digital Sales Scan model. Every Digital Sales Scan Scan report is presented in an Action Workshop with your team to create energy and direction in optimizing your website.
Who can benefit from this study?
At WUA we know that in order to achieve digital excellence, it is extremely important that the following people and departments are involved with / benefit from this study:
Everyone who is commercially responsible within the organisation: The winner takes it all.
Management: for the right direction and mind set in the organisation.
Online marketing professionals: to get started immediately with the recommendations for higher conversion.
Research: The research provided by our validated model is the foundation for digital success.
Product management: In addition to Look & Feel, the Product Offer and Brand topics are key factors in the buying process.
Cooperation of the above stakeholders can make or break digital success!